Park Avenue Securities LLC Has $419,000 Stock Holdings in Globus Medical, Inc. (NYSE:GMED)

Park Avenue Securities LLC trimmed its stake in Globus Medical, Inc. (NYSE:GMED) by 18.6% in the third quarter, Holdings Channel reports. The firm owned 5,859 shares of the medical device company’s stock after selling 1,340 shares during the quarter. Park Avenue Securities LLC’s holdings in Globus Medical were worth $419,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Nisa Investment Advisors LLC grew its stake in Globus Medical by 15.9% in the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after purchasing an additional 160 shares in the last quarter. Van ECK Associates Corp grew its stake in Globus Medical by 0.4% in the second quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock valued at $3,145,000 after purchasing an additional 183 shares in the last quarter. Radnor Capital Management LLC grew its stake in Globus Medical by 0.7% in the first quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock valued at $1,561,000 after purchasing an additional 215 shares in the last quarter. Central Pacific Bank Trust Division grew its stake in Globus Medical by 6.2% in the third quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock valued at $268,000 after purchasing an additional 220 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Globus Medical by 1.5% in the second quarter. AQR Capital Management LLC now owns 15,241 shares of the medical device company’s stock valued at $1,044,000 after purchasing an additional 228 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Stock Performance

NYSE:GMED opened at $70.57 on Friday. The stock has a fifty day moving average price of $70.45 and a 200-day moving average price of $65.37. The company has a market cap of $9.55 billion, a price-to-earnings ratio of 110.27, a PEG ratio of 1.94 and a beta of 1.17. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $74.21.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The firm had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The company’s revenue was up 115.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.63 EPS. Research analysts predict that Globus Medical, Inc. will post 2.84 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on GMED. Barclays raised their price target on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Morgan Stanley lifted their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Wells Fargo & Company upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $60.00 to $78.00 in a research note on Wednesday, August 7th. Finally, BTIG Research lifted their target price on Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.40.

Insider Activity

In other news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the sale, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 18.54% of the company’s stock.

About Globus Medical

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.